The U.S. Federal Reserve is seeking to be more involved in the central bank digital currencies and stablecoins sector, as its most recent job posting shows. The successful applicant will be in charge of emerging payment, clearing and settlement systems for the Fed.
Posted on LinkedIn, the job listing is for the Manager of Digital Innovations Policy Programs.
“The Manager will lead a section that may monitor, supervise, and assess risks and risk management and/or develop, implement, and interpret domestic and international risk management policies, standards, regulations, and guidance for financial market infrastructures,” the listing outlines.
One of the key responsibilities of the manager will be overseeing the Fed’s involvement in emerging tech-based systems. Specifically, the regulator is seeking to oversee the “changing nature of money and payment platforms.”
In a world where payments are becoming increasingly digital, the Fed wants its manager to assess “the potential benefits and risks associated with digital assets such as stablecoins and central bank digital currencies, the impact of digital innovations on the Fed’s operation and oversight of financial services, and the supervisory and regulatory framework for emerging payments platforms, activities and institutions.”
The watchdog revealed that it will be looking to collaborate more with other relevant bodies to regulate the industry.
At press time, 28 applicants had applied for the position via LinkedIn.
The job listing comes at a time when the U.S. government is increasingly becoming involved in stablecoin oversight. In January, the Office of the Comptroller of the Currency cleared U.S banks to participate in the use of stablecoins for payment activities.
In its letter, the OCC’s office stated, “Our letter removes any legal uncertainty about the authority of banks to connect to blockchains as validator nodes and thereby transact stablecoin payments on behalf of customers who are increasingly demanding the speed, efficiency, interoperability, and low cost associated with these products.”
As for CBDCs, the Fed chair Jerome Powell indicated the regulator was taking its time. Speaking two weeks ago, Powell stated, “We don’t feel an urge or need to be first [on CBDCs]. Effectively, we already have a first-mover advantage because [the USD is] the reserve currency.”
Powell dismissed any hope that the Fed will launch a CBDC in the near future, saying it will take several years. However, it’s investing heavily to understand the underlying blockchain technology, he added.
Read more: https://coingeek.com/us-fed-seeking-manager-with-a-focus-on-stablecoins-and-cbdcs/